Renewable energy to grow to new record in 2022
POWER & RENEWABLE ENERGY

Renewable energy to grow to new record in 2022

The world is en route to setting a new record for renewable power capacity this year. This has been led by solar energy in China and Europe, however, as per reports from Paris-based IEA (International Energy Agency), growth could lose steam in 2023.

A record 295 GW of new renewable power capacity has been added in 2021 despite supply chain bottlenecks, construction delays and high prices of raw materials and an additional 320 GW has been expected to be installed this year, which for comparison is equivalent to the electricity demand of Germany or the European Union's total electricity generation from natural gas. Solar energy will account for 60 per cent of renewable power growth in 2022, ahead of wind and hydropower, according to reports. In the absence of stronger policies, the amount of renewable power capacity added worldwide may plateau in 2023.

The world is en route to setting a new record for renewable power capacity this year. This has been led by solar energy in China and Europe, however, as per reports from Paris-based IEA (International Energy Agency), growth could lose steam in 2023.A record 295 GW of new renewable power capacity has been added in 2021 despite supply chain bottlenecks, construction delays and high prices of raw materials and an additional 320 GW has been expected to be installed this year, which for comparison is equivalent to the electricity demand of Germany or the European Union's total electricity generation from natural gas. Solar energy will account for 60 per cent of renewable power growth in 2022, ahead of wind and hydropower, according to reports. In the absence of stronger policies, the amount of renewable power capacity added worldwide may plateau in 2023.

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